2021-12-31-accounts - The Dean And Chapter Of St Davids Cathedral

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			Page
Report of the	Trustees		3-9
Report ofthe	Independent Auditors		11-14
Statement of	Financial	Activities	15
Consolidated	and Charity Balance Sheet		16
Cash Flow Statement			17
Notes to the	Cash Flow Statement		18
Notes to the	Financial	Statements	19 - 31
Detailed Statement of		Financial Activities	33-35

	19'Cursal			The Sovereign
2000	Llawhaden			Canon Dr P H BThomas,	MA, PhD (Chancellor)
				—retired 31 August 2021
2009	Llandysiliogogo			Canon S EJones, BA, BTh (Treasurer)
2011	6'"Cursal			Canon J Gainer, MA, LLM	—retired 30September 2021
2012	5a Cursal			Canon AJ Grace, BMus
2013	Clydau			Canon DJ LI Roberts
2014	St Nicholas,		Penyffos	Canon J P Lewis, BA
2015	Caerfarchell			Canon Rh M Johnson, MA, PhD, BD, DPT
2015	4'h Cursal			Canon L Richardson, BA,	BTh, PGCE
2018	Trefloden			Canon M H Rowlands, BA, BD
2018 2018	Llangan 3"Cursal			Canon D H E Mosford, AKC, MTh Canon S Bale, BA, BTh
2019	2"' Cursal			Canon M A R Hill, BA, BD, MPhil, PhD
2019	Caerfai			Canon A G Loat, BD, MTh
2019	Llanfaes			Canon M L Osborne RGN,	BTh
2020	Llanddewi	Aberarth		Canon JS Bennett

						2021	2020
				Unrestricted	Restricted	Total	Total
				Funds	Funds	Funds	Funds
			Notes		6	6	E
INCOME AND ENDOWMENTS
FROM:
Donations and Legacies				273,392	276,906	550,298	716,655
Other Trading Activities				195,244	0	195,244	137,285
Investment Income				35,194	3,904	39,098	29,005
Other Income				3,035	0	3,035	29,451
Total Income				506,865	280,810	787,675	912,396
EXPENDITURE ON:
Raising Funds				197,231	3,130	200,361	142,052
Charitable Activities				404,644	393,635	798,279	806,490
Total Expenditure				601,875	396,765	998,640	948,542
Net Income before	gains/(losses)			(95,010)	(115,955)	(210,965)	(36,146)
Net gains/(losses)	in	investments	14	41,012	27,830	68,842	56,541
Net Income/(Expenditure)				(53,998)	(88,125)	(142,123)	20,395
Transfers between	funds		20	4,500	(4,500)
Net Movement in	Funds		20	(49,498)	(92,625)	(142,123)	20,395
RECONCILIATION		OF FUNDS
Total funds brought		forward	20	1,284,043	536,877	1,820,920	1,800,525
TOTAL FUNDS CARRIED FORWARD			20	1,234,545	444,252	1,678,797	1,820,920

			Group	Group	Charity	Charity
		Notes	2021 F.	2020f	2021f	2020f
FIXEDASSETS
Tangible Fixed Assets		13	13,128	16,102	7,212	13,321
Investment Assets
Investments		14	751,690	687,184	751,690	687,184
Investment Property		15	267,500	267,500	267,500	267,500
			1,032,318	970,786	1,026,402	968,005
CURRENT ASSETS
Stocks		16	94,473	102,222
Debtors		17	68,262	78,543	189,054	189,178
Cash at Bank			560,428	749,977	509,844	729,425
			723,163	930,742	698,898	918,603
LIABILITIES:
Creditors: amounts	falling due within one year	18	(76,684)	(80,608)	(58,909)	(74,852)
NET CURRENT ASSETS			646,479	850,134	639,989	843,751
TOTAL ASSETSLESSCURRENT LIABILITIES			1,678,797	1,820,920	1,666,391	1,811,756
Total Net Assets			1,678,797	1,820,920	1,666,391	1,811,756
The Funds ofthe Charity
Unrestricted Funds		20	1,234,545	1,284,043	1,222,139	1,274,879
Restiicted Funds		20	444,252	536,877	444,252	536,877
TOTAL FUNDS		20	1,678,797	1,820,920	1,666,391	1,811,756

				31.12.21	31.12.20
				8	6
Cash Flow from Operating		Activities
Net cash (used in)/provided	by
operating activities				(203,722)	(20,501)
Cash flows from investing		activities:
Purchase of tangible fixed assets				(3,794)
Purchase of fixed investment		assets		(121,766)	(142,567)
Sale offixed asset investments				126,102	144,793
Interest received				81	4,146
Dividends received				13,550	12,279
Net Cash provided by/(used		in)
investing activities				14,173	18,651
Change in cash and cash	equivalents		in
the year				(189,549)	(1,850)
Cash and cash equivalents		at the beginning
ofthe year				749,977	751,827
Cash and cash equivalents		at the end
ofthe year				560,428	749,977

				31.12.21		31.12.20
				8
	RECONCILIATION	OF NET INCOME/(EXPENDITURE)
	TO NET CASH FLOW FROM OPERATING ACTIVITIES
	Net income for the reporting		period	(142,123)		20,395
	Adjusted for:
	Depreciation charges			6,768		8,810
	Gains on investments			(68,842)		(56,541)
	Interest received			(81)		(4,146)
	Dividends received			(13,550)		( I2,279)
	Decrease in stocks			7,749		(15,318)
	Decrease in debtors			10,281		45,108
	(Decrease) in creditors			(3,924)		(6,530)
						(20,501)
					Cash
2	ANALYSIS OF CHANGES		IN NET FUNDS	At 01.01.21	Flow	At 31.12.21
	Cash at bank			749,977	189,549	560,428

			2021	2020
DONAllONS AND LEGACIES			6	6
Collections			92,193	56,448
Gin Aid			6,416	5,588
I egames			49,001	112,473
Grants			320,196	400,524
Friends —re wages			24,665	24,665
Friends —re Choral Scholars			8,250	8,250
Cemetery Account			7,137	5,291
Flower Donations			170	878
Other Donations			19,355	19,906
Cefnogwyr Ty'r Perenn			1,112	1,482
Votive Candles			21,803	12,028
Fdiends - re tower				26,118
Friends - re Covid Support				40,000
Friends —re Chair Appeal				3,004
			550,298	716,655
Grants received, included	in the above, are as follows:
Diocesan Board of Finance			47,363	47,362
Representative Body ofthe Church		in Wales	30,000
All Churches Trust Limited			22,064	22,064
Christian Arts Trust Grant			1,000
Arts Council Wales				17,100
Listed Places ofWorship	Scheme		1,243	7,038
Wales Cultural Recovery	Scheme		150,000	149,961
Choir Emergency Fund Grant				29,600
Coronavirus JRS Grant			58,526	114,399
Coronavirus Support Grant			10,000	13,000
			320,196	400,524

	OTHER TRADING INCOME	OTHER TRADING INCOME	OTHER TRADING INCOME	2021	2020
					6
	Shop income			159,886	99,947
	Concerts and Exhibitions			13,149	2,319
	Filming Fees			2,300	2,515
	Tours, visits and library			1,596	240
	Ty'r Pererin Education	Centre		3,494	1,632
	Refectory Income			14,819	14,567
	St Davids Cathedral Festival				16,065
				195,244	137,285
	INVESTMENT INCOME			2021	2020
				6	6
	Rent - Goat Street			20,415	7,515
	Rent - Aenal			5,052	5,065
	Dividend income			13,550	12,279
	Deposit account interest			81	4,146
				39,098	29,005
5	RAISING FUNDS			2021	2020
				6	6
	Raising donations and	legacies
	Goat Street property	costs		5,106	13,405
	Donation charges			4,012	2,866
				9,118	16,271
	Other trading activities
	Bookshop Running	Costs and Porth y Twr purchases		170,648	101,486
	Festival and Concert		Expenses	14,700	20,862
				185,348	122,348
	Investment management		costs
	Portfolio management			5,895	3,433
	TOTAL COST OF RAISING FUNDS			200,361	142,052

CHARITABLE ACTIVITY	CHARITABLE ACTIVITY	COSTS	COSTS	Direct	Support
				Costs	Costs
				(see note 7)	(see note 8)	Total
				6		6
Mini sti 7				229,378	115,896	345,274
Cathedral and Precinct	upkeep			309,141	73,752	382,893
Education and Outreach				49,040	21,072	70,112
				587,559	210,720	798,279
DIRECT COSTS OF CHARITABLE ACTIVITIES				2021		2020
Staff costs				207,307		179,272
Rent, Rates, water and insurance				40,639		39,602
General repairs, renewals			and cleaning	107,157		40,297
Light and Heat				52,678		47,547
Bishops Palace Running		Costs		4,912
Cathedral Library Costs				5,116
Organist, choirmaster	and		choir	101,452		101,545
Ancient and Modern				2,000		0
Performing Rights Society				915		706
Organist lodgings				10,775		9,543
Organ expenses				8,219		3,215
Staff Expenses				1,939		4,922
Canonry expenses				5,782		15,073
Wine, wafers and candles				2,005		1,457
Staff development costs						2,980
Votive candles				1,675		1,453
Flowers				1,821		404
Cloister running costs				8,144		6,171
Capital projects				8,951		123,413
Ty'r Pererin running costs				9,911		16,488
Quinquennial costs				1,424		1,509
Vergers accommodation				4,737		7,453
				587,559		603,050
Capital Projects Comprise:
Repairs to Wayside						7,595
Repairs to Tower						14,240
Repairs to Organists	Lodgings			4,300
Electrical work to the	Cathedral			4,651
Thomas Beckett Glass Screen						2,348
York Project						27,959
Repairs to Bell						42,576
Cloister Buttress works						6,195
Repairs to Cathedral	Pinnacle					22,500
				8,951		123,413

								Governance
8	SUPPORT COSTS						Management	Costs	Total
							F.	8	8
	Ministry						113,586	2,310	115,896
	Cathedral and Precinct upkeep						72,282	1,470	73,752
	Education and Outreach						20,652	420	21,072
							206,520	4,200	210,720
	Support costs, included		in the	above,	are as follows:
	Management					Cathedral
						&Precinct	Education	2021	2020
					Ministry	Upkeep	&Outreach	Total	Total
					8	8	8	6	8
	Staff Costs				71,998	45,817	13,091	130,906	97,210
	Marketing and website				2,468	1,570	449	4,487	1,553
	Postage and	Telephone			3,487	2,219	634	6,340	4,219
	Printing and	Stationery			7,399	4,709	1,345	13,453	7,123
	Conference	and Meeting Expenses			1,346	857	245	2,448
	Legal Fees				4,208	2,678	765	7,651	3,314
	Sundry costs				2,125	1,352	386	3,864	5,586
	Professional	fees			2,786	1,773	507	5,066	24,860
	Recruitment	Expenses			1,686	1,073	307	3,065	1,050
	HR Consultant fees				3,319	2,112	604	6,035	10,728
	Computer expenses				4,897	3,116	890	8,904	13,326
	Non recoverable VAT				4,506	2,867	819	8,192	20,920
	Depreciation	offixed assets			3,360	2,138	611	6,109	8,501
					113586	72282	20,652	206,520	198,390
						Cathedral
						8 Precinct	Education	2021	2020
					Ministry	Upkeep	8,Outreach	Total	Total
					8	6	8	8	8
	Governance	Costs
	Auditors Remuneration				2 310	1 470	420	4,200	5,050
	TRUSTEES	REMUNERATION		AND	BENEFITS			2021	2020
								8	6
	Trustees Remuneration							Nil	Nil
	The Aggregate amount		ofexpenses		paid to Board member			741	321

STAFF COSTS	STAFF COSTS											2021	2021	2020
												8		8
Gross wages												381,626		249,455
Social security	costs											23,012		24,432
Pension Contributions												16,292		23,457
												420	930	297,344
No employees		received emoluments		in excess of860,000.
The average	number ofemployees		during		the year calculated			on	full time	equivalents
was as follows:
Festival
Ministry
Music
Cathedral and		Upkeep
Education
Administration
													17	18
													2021	2020
The average	head count ofemployed			staff	members		for the	year					24	24
The average	number ofvolunteers		involved			regularly	on Charity		business	is	28.
									Group				Charity
NET INCOMING RESOURCES								2021			2020		2021	2020
								8		8		8		8
Net income is stated after charging/(crediting):
Auditors remuneration								4,200		5,050		4,200		5,050
Depreciation								6,768		8,810		6,109		8,501
Rents receivable								25,467		12,580		25,467		12,580

TANGIBLE FIXEDASSETS
	Offlce &Othei	Refectory	Treasury	Bookshop
Group	Equipment f	Equipment 6	Equipment 6	Equipment 8	Total 6
Cost
As at 01 January 2021	96,923	123,224	146,563	16,145	382,855
Additions				3,794	3,794
(Disposals)
As at 31 December 2021	96,923	123,224	146563	19939	386,649
Depreciation
As at 01 January 2021	83,602	123,224	146,563	13,364	366,753
Charge	6,109			659	6,768
As at 31 December 2021	89,711	123,224	146563	14,023	373,521
Net Book Value
As at 31 December 2020	13,321			2,781	16,102
As at 31 December 2021	7,212			5,916	13,128

FIXEDASSETINVESTMENTS
		2021	2020
		6	6
Market value at 01 January 2021 (2020)		687,184	632,869
Additions to investments at cost		121,766	142,567
Disposals		(114,468)	(155,152)
Realised and t)nrealised gains/(losses)	on investments	57,208	66,900
Market value at 31 December 2021 (2020)		751,690	687,184

				Group	Group	Charity
STOCKS				2021	2020	2021	2020
				E	E	E	E
Stocks ofgoods purchased			for resale	94,473	102222
				Group		Charity
DEBTORS				2021	2020	2021	2020
				E	E	E	E
Trade debtors				22,834	78,543	22,834	75,985
Gilt Aid receivable				5,760		5,760
Other debtors				11,859		11,674
Prepayments and accrued		income		27,809		27,344
Amounts due from trading		subsidiary				121,442	113,193
				68,262	78,543	189,054	189,178
				Group		Charity
CREDITORS; amounts	faglng due within			2021	2020	2021	2020
one year				E	E	E	E
Trade Creditors				32,006	74,208	18,709	70,252
Other Taxes and Somal Security Costs				17,188		14,867
Accruals and other deferred			income	27,490	6,400	25,333	4,600
				76,684	80 608	58 909	74852
ANALYSIS OF GROUP	NETASSETS BETWEEN			Designated	Unrestricted	Restricted	Total
FUNDS				E	E	E	E
Tangible assets					13,128		13,128
Investments					540,351	211,339	751,690
Investment Property					217,499	50,001	267,500
Current Assets				70,283	469,968	182,912	723,163
Current Liabilities				(2,491)	(74,193)		(76,684)
				67,792	1166753	444252	1678797

					Net	Transfer
20	MOVEMENT IN FUNDS				Movement	between
				At 01.01.21	in funds	funds	At 31.12.21
	Unrestricted Funds			E	E	E	E
	General Fund			1,184,424	(29,371)	11,700	1,166,753
	Designated Funds
	Aumbry Fund			7,200		(7,200)	0
	Library Fund			9,384	(4,839)		4,545
	Flower Fund			6,120	(1,651)		4,469
	Organ Fund			3,726	(3,161)		565
	Deans Discretionary	Fund		57			57
	Festival Fund			63,132	(9,194)		53,938
	Canon Watkins Legacy			10,000	(5,782)		4,218
				1,284,043	(53,998)	4,500	1,234,545
	Restricted Funds
	Choir Music Fund			668			668
	Property and Equipment			50,001			50,001
	Friends Scholarship	Fund		22,625			22,625
	Friends Flower Fund			3,247			3,247
	Friends Other Funds			55,652			55,652
	Tudor Church Music			34,146			34,146
	Organist Fund			199,477	1,254		200,731
	Millennium Fund			2,652	1,207		3,859
	W M Jones Fund			970			970
	Organ Scholar Fund			44,431		(4,500)	39,931
	Ty'r Pererin Fnends	Fund		24,000	(2,828)		21,172
	Edward Parks Legacy			10,000			10,000
	Wales Cultural Recovery Grant			60,430	(60,430)
	Choir Emergency Fund Grant			21,200	(21,200)
	Cemetery Fund			7,378	(7,378)
	Sister Order of the Military &Hospitager		Order of		1,250		1,250
	StThomas Aeon
				536,877	(88,125)	(4,500)	444,252
	TOTAL FUNDS			1,820,920	142,123)		1 678797

					Incoming	Resources	Gains and	Movement
20	MOVEMENT IN FUNDS (continued)				Resources	Expended	Losses	iriFunds
					E		E	E
	Unrestricted Funds
	General Fund				500,912	(571,295)	41,012	(29,371)
	Designated Funds
	Library Fund				277	(5,116)		(4,839)
	Flower Fund				170	(1,821)		(1,651)
	Organ Fund					(3,161)		(3,161)
	Festival Fund				5,506	(14,700)		(9,194)
	Canon Watkins Legacy					(5,782)		(5,782)
					506,865	(601,875)	41,012	(53,998)
	Restricted Funds
	Representative Body	of the Church	in	Wales	30,000	(30,000)
	A8 Churches Trust Limited				22,064	(22,064)
	Friends Wages Fund				24,665	(24,665)
	Friends Scholarshtp	Fund			8,250	(8,250)
	Christian Arts Trust Grant				1,000	(1,000)
	Listed Places ofWorship Scheme				1,243	(1,243)
	Bevan/Locke Legacy				24,684	(24,684)
	Ty r Perenn				5,382	(5,382)
	Ty'r Perenn Friends	Fund				(2,828)		(2,828)
	Choir Emergency Fund Grant					(21,200)		(21,200)
	Organist Fund				3,904	(30,480)	27,830	1,254
	Millennium Fund				1,231	(24)		1,207
	Wales Cultural Recovery Grant				150,000	(210,430)		(60,430)
	Cemetery Fund				7,137	(14,515)		(7,378)
	Sister Order of the Military SHospitaller			Order of	1,250			1,250
	StThomas Aeon
					280,810	(396,765)	27,830	(88,125)
	TOTAL FUNDS				787,675	(998,640	68,842	(142,123)
21	PURPOSE OF RESTRICTED FUNDS

A summary of	th	e results ofSt Davids Cathedral Bo	okshop Limited is given below:
			2021	2020
Profit and Loss		Account
Sales			159,886	99,947
Cost ofsales			(85,040)	(39,952)
Gross Profit			74,846	59,995
Overheads			(81,668)	(56,468)
			(6,822)	3,527
Other Operating		Income	19,136	24,328
Profit for the	financial year		12,314	27,855
Gift Aid donated		to Charity	(9,086)	(28,050)
Profit/(loss)	carried forward		3,228	(195)
Balance Sheet			2021	2020
Fixed Assets			5,916	2,781
Stock			94,473	102,222
Debtors			465	2,558
Cash at bank			50,570	20,552
Due to Dean	8	Chapter	(121,442)	(113,378)
Other creditors			(17,775)	(5,756)
Retained Reserves			12,207	8,979

			Unrestricted	Restricted	2021	2020
INCOME AND ENDOWMENTS			Funds	Funds	Total	Total
			f	6	6	6
Donations and legacies
Collections			92,193		92,193	56,448
Gift Aid			6,416		6,416	5,588
Legacies			24,317	24,684	49,001	112,473
Grants			111,619	208,577	320,196	400,524
Friends - re wages				24,665	24,665	24,665
Friends - re Choral Scholars				8,250	8,250	8,250
Cemetery Account				7,137	7,137	5,291
Flower Donations			170		170	878
Other Donations			16,874	2,481	19,355	19,906
Cefnogwyr Ty'r Pererin				1,112	1,112	1,482
Votive Candles			21,803		21,803	12,028
Fiiends - re Tower						26,118
Fnends - re Covid Support						40,000
Friends - re Chair Appeal						3,004
			273,392	276,906	550,298	716,655
Other trading activities
Shop income			159,886		159,886	99,947
Porth y Twr Concerts and Exhibitions			13,149		13,149	2,319
Filming Fees			2,300		2,300	2,515
Tours, visits and library			1,596		1,596	240
Ty'r Pererin Education		Centre	3,494		3,494	1,632
Refectory Income			14,819		14,819	14,567
St Oavids Cathedral	Festival		0		0	16,065
			195,244	0	195,244	137,285
Investment income
Rent - Goat Street			20,415		20,415	7,515
Rent - Aenal			5,052		5,052	5,065
Dividend income			9,646	3,904	13,550	12,279
Deposit account interest			81		81	4,146
			35,194	3,904	39,098	29,005
Other income
Sundry Income			3,035		3,035	233
VAT Recovered
Bank Account introduced						17,037
Insurance claim						12,181
			3,035	0	3,035	29,451
Total Incoming Resources			506,865	280,810	787,675	912,396
This page does not	form part ofthe statutory accounts

				Unrestricted	Restricted	2021	2020
EXPENDITURE				Funds	Funds	Total	Total
				E	E	E	E
Raising donations and		legacies
-Goat Street property	costs			5,106		5,106	13,405
- Donation charges				4,012		4,012	2,866
				9,118		9,118	16,271
Other trading activities
-Bookshop and Porth -Festival Expenses	y	Twr purchases		170,102 14,700	546	170,648 14,700	101,486 20,862
				184,802	546	185,348	122,348
Investment management			costs
Portfolio management				3,311	2,584	5,895	3,433
Charitable Activities
Staff costs				105,497	101,810	207,307	179,272
Rent, Rates, water and insurance				30,550	10,089	40,639	39,602
General repairs, renewals			and cleaning	20,574	86,583	107,157	40,297
Light and Heat				35,458	17,220	52,678	47,547
Bishops Palace running		costs		2,377	2,535	4,912
Cathedral library costs				5,116		5,116
Organist, choirmaster	and		choir	38,510	62,942	101,452	101,545
Performing Rights Society				892	23	915	706
Organist lodgings				9,735	1,040	10,775	9,543
Organ expenses				3,161	5,058	8,219	3,215
Staff Expenses				1,787	152	1,939	4,922
Canonry expenses				5,782		5,782	15,073
Wine, wafers and candles				2,005		2,005	1,457
Staff development costs							2,980
Votive candles				1,675		1,675	1,453
Flowers				1,821		1,821	404
Cloister running costs				5,729	2,415	8,144	6,171
Capital projects				8,951		8,951	123,413
Ty'r Pererin running costs				2,298	7,613	9,911	16,488
Quinquennial costs					1,424	1,424	1,509
Vergers accommodation				4,737		4,737	7,453
Anment Connections	project			2,000		2,000
				288,655	298,904	587,559	603,050
Governance Costs
Auditors remuneration				960	3,240	4,200	5,050
Carried Forward				486,846	305,274	792,120	750,152
This page does not	form		part ofthe statutory accounts

			Unrestricted	Restricted	2021	2020
EXPENDITURE			Funds	Funds	Total	Total
			6	6	6	6
Brought Forward			486,846	305,274	792,120	750,152
Support Costs
Management
Staff costs			54,599	76,307	130,906	97,210
Marketing and website			2,012	2,475	4,487	1,553
Postage and Telephone			3,015	3,325	6,340	4,219
Printing and Stationery			12,969	484	13,453	7,123
Conference and Meeting		Expenses	2,448		2,448
Legal Fees			7,651		7,651	3,314
Sundry costs			2,903	961	3,864	5,586
Professional fees			2,771	2,295	5,066	24,860
Recruitment Expenses			2,336	729	3,065	1,050
HR Consultant fees			6,035		6,035	10,728
Computer expenses			5,232	3,672	8,904	13,326
Non recoverable VAT			6,949	1,243	8,192	20,920
Depreciation offixed assets			6,109		6,109	8,501
			115,029	91,491	206,520	198,390
Total Resources Expended			601,875	396,765	998,640	948,542
Net (Expenditure)/income		before gains and losses	(95,010)	(115,955)	(210,965)	(36,146)
Realised recognised	gains and fosses
Realised gains/(losses)		on fixed asset investments	41,012	27,830	68,842	56,541
NET INCOME			(53,998)	(88,125)	(142,123)	20,395